People Moves, EMEA H1 2023 – Equity

23.08.2023

Throughout H1 2023 there has been caution in the air, with the broader economy already suffering the repercussions of high interest rates and an inflationary market. In such circumstances, it is common for companies to reduce costs by scaling back on recruitment, and we saw this with Global Investment Banks as they implemented hiring freezes after multiple rounds of layoffs. The fundraising market has become increasingly challenging, and although funds with strong track records maintain optimism about achieving their hard cap targets, one unavoidable factor is the extended lead time. However, amidst these economic hardships, the Infrastructure Private Equity sector continues to buck the trend.

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In comparison to our H2 2022 report, we have observed an 8% increase in hiring across all levels of seniority within the Infrastructure Private Equity sector, which may come as a surprise to some. Here are a few key takeaways:

  1. Established teams are consistently expanding their investment teams. Partners Group, for instance, made a strong start to the year by appointing Oleg Shamovsky as a Managing Director in their Investment team. This move highlights their commitment to enhancing origination capabilities across Europe.
  2. New entrants in the market demonstrate confidence despite prevailing circumstances. Earlier this year, we saw the launch of Vesper Infrastructure, a new GP focusing on mid-market value-add Infrastructure investments. We are delighted to feature Vesper Infrastructure in this report, which can be found on page 8 of the report.
  3. Funds are placing significant emphasis on hiring senior sector specialists in high-growth sectors, particularly Energy Transition and Digital Infrastructure. Notable examples include Stonepeak’s appointment of Georg Hoefler in January, who will lead their Renewables & Energy Transition strategy in Europe. Additionally, OMERS Infrastructure expanded their team by bringing in Chris Hogg as a Digital Infrastructure specialist in June.

Overall, while a sense of caution continues to linger, so does that resilient sense of optimism which so characterizes our asset class. The Infrastructure Private Equity sector remains sturdy as it continues to navigate the economic headwinds, demonstrating its ability not only to survive, but thrive.

Liam Dunne
Principal, Equity

Liam has been at One Search since 2018 and leads our Equity practice in the EMEA region. He partners with many of the leading Private Equity firms on mid to senior-level searches across Infrastructure, Energy Transition and Decarbonisation related sectors. As well as supporting traditional infrastructure investors to grow their existing teams, Liam spends time advising non-traditional infrastructure investors seeking to launch infrastructure products in establishing formative investment teams. He has supported firms such as Antin Infrastructure Partners, Igneo Infrastructure Partners, InfraVia, Partners Group, and H.I.G. Infrastructure on multi-hire projects amongst others.

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